Home | Newsletter | Advertise
loading...

Obama Reduces Refinance Fees For FHA Loans

  • Mar 6th 2012

by UrbanTurf Staff

Obama Reduces Refinance Fees For FHA Loans: Figure 1

In an effort to allow more homeowners to refinance, the Obama administration announced on Tuesday that it would be lowering refinancing fees on FHA loans.

The lowered fees apply to borrowers of streamlined refinancing, refinances where an FHA borrower is refinancing into another FHA-backed loan.

Under the changes announced today, upfront insurance premiums that borrowers will need to pay will drop from 1 percent of the total loan balance to .01 percent; annual premiums will also be reduced, from 1.15 percent of the loan balance to 0.55 percent.

There are some restrictions, though. The new measures only apply to FHA borrowers who took out loans prior to June 1, 2009, and the borrower must be current on their last 12 loan payments.

This announcement comes just a week after the FHA reported that it will adjust their premium structure for FHA-insured mortgage loans on April 1 in order to boost their dwindling capital reserves.

See other articles related to: fha, obama, refinancing

This article originally published at https://dc.urbanturf.com/articles/blog/obama_reduces_refinance_fees_for_fha_loans/5247.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse